University of Connecticut University of UC Title Fallback Connecticut

Bond and Long-Term Debt Accounting

It is the policy of the Accounting Office to ensure that all external debt payments are made in a timely manner and that all debt payments are funded appropriately according to use of the debt proceeds.  In addition, all interest expense, costs of debt issuance and other debt refunding costs are amortized according to the Generally Accepted Accounting Principles (GAAP).  Debt service reserves are sufficient according to internal University guidelines, and pledged revenues meet bond indenture requirements. Internal loans between University departments and central fund sources are accounted for properly and repaid according to Memorandum of Understandings between the parties.